I've been debating it, and it seems that playing large satellites for cash is a better way to make money than playing normal MTTs. At pokerstars, you can just unregister from the tournament you won a buyin for and use the tournament $ on SNGs (which I play all the time anyway).

Example, $3+R satellite to their Sunday event gave $215 buyin for top 17 players (330ish starting players, plus all the rebuys, total pool of $3700ish), whereas a similar regular MTT (looking at a $5.50 buyin with 900 players, so about 20% more money in the pool) doesn't pay >215 until 5th place. Hell, you have to make it to final table to get more than $45 out of that one.

I realize the MTT pays more places, but who really cares about limping into the money and making $5-$20 for a few hours of work?

Am I right in thinking playing satellites for cash and then "laundering" the winnings through SNGs is a sound strategy, or is there something I'm missing and it's a terrible idea?